Wafrah for Industry and Development Co. reported a net profit of SAR 5.6 million for Q1 2023, a decline of 9% compared to SAR 6.2 million in the same period a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 34.56 | 39.85 | 15.3 % |
| Gross Income | 13.14 | 13.66 | 3.9 % |
| Operating Income | 6.74 | 5.51 | (18.2 %) |
| Net Income | 6.15 | 6.08 | (1.2 %) |
| Average Shares | 19.70 | 17.87 | (9.3 %) |
| EPS (Riyals) | 0.31 | 0.34 | 8.9 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 34.08 | 39.85 | 16.9 % |
| Gross Income | 8.36 | 13.66 | 63.4 % |
| Operating Income | (0.54) | 5.51 | 1125.9 % |
| Net Income | (0.38) | 6.08 | 1718.6 % |
| Average Shares | 23.15 | 17.87 | (22.8 %) |
| EPS (Riyals) | (0.02) | 0.34 | 2197.5 % |
The profit decline was due to the high cost of production inputs, as well as the increase in general and administrative expenses, shipping charges and sales offers through campaigns to create new distribution channels.
This was despite the rise in sales and other income during the current quarter compared to the same period of 2022.
Sequentially, the company's Q1 2023 net profit rose 17.2% from SAR 4.80 million, on low selling and marketing expenses, as well as financing expenses, coupled with the increase in the Zakat provision.
Total shareholders’ equity, no minority interest, stood at SAR 227.33 million as of March 31, 2023, rising from SAR 58.99 million a year earlier.
Accumulated losses as of March 31, 2023, reached SAR 4.06 million, representing 1.75% of the company’s capital.
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